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Gold/Mining/Energy : Grey Wolf GWX - was Cascade COL - ASE -- Ignore unavailable to you. Want to Upgrade?

To: Robert T. Quasius who wrote (60)	5/20/1999 6:09:00 PM
From: Enigma	Respond to of 80

PRESS RELEASE #1: Press Release Grey Wolf Announces First Quarter Results May 20, 1999 -- The Company's activity continued at a high level during the first quarter. For the three months ended March 31, 1999, oil and gas sales before royalties increased 229% to $3,403,440 and cash flow increased by 259% to $1,672,591 ($.013 per share) compared to the first quarter of 1998. Average prices realized for the three months were $12.55 per barrel for oil and natural gas liquids and $2.05 per mcf for natural gas. A total of nine wells were drilled, resulting in six gas wells and three abandonments. Two of the abandonments were exploration wells, one in the NWT, the other at Cranberry in northern Alberta. Additionally, the Company participated in 20 workovers during the first three months. A three dimensional seismic program was completed on the Company's Springburn, Alberta prospect. This is a Slave Point oil play in which Grey Wolf holds a 35% working interest. Several locations have been identified for drilling and it is anticipated that two wells will be drilled this summer. Completion activities on the Whiskey Creek prospect, in which the Company will have a 50% working interest, are expected to commence after breakup. This well, Quirk Creek 16-19-21-04 W5M, was drilled in 1998 pursuant to a farmin agreement with an industry partner. Grey Wolf is pleased and proud to advise that the Company received a safety award for accident-free operations during 1998 at all six of the gas facilities that it operates. These awards acknowledge the high quality of our team in the field. The Company's 91% weighting to natural gas has helped to maintain a very strong balance sheet. We look forward to reporting results of the above-mentioned activities in future communications. Three Months Ended March 31, 1999 1998 % Change Production Natural gas (mcfpd) 16,537 4,768 247% Oil & natural gas liquids (bpd) 189 126 50% Prices Natural gas ($/mcf) $2.05 $1.79 15% Oil & natural gas liquids $12.55 $15.46 -19% Financial Oil & gas revenue $3,403,440 $1,035,561 229% Net earnings (loss) $4,585 $(136,653) n/a Net earnings (loss) per share - - - Cash flow from operations $1,672,591 $465,664 259% Cash flow from operations per share $0.013 $0.006 117% Capital additions $3,004,584 $1,431,465 110% Sale of property, plant and equipment $1,023,030 - n/a -------------------------------------------------------------------------------- For More Information Contact: Grey Wolf Exploration Inc. 1200, 300 - 5th Avenue S.W. Tel: (403) 262-1949 FAX: (403) 262-1969 Internet: info@greywolf.ca

To: Robert T. Quasius who wrote (60)	5/20/1999 6:15:00 PM
From: Enigma	Read Replies (1) \| Respond to of 80

PRESS RELEASE #2: Plans to repurchase common shares: Press Release Grey Wolf Plans to Repurchase Common Shares May 20, 1999 -- Grey Wolf Exploration Inc. ("Grey Wolf") has filed notice with The Toronto Stock Exchange (the "TSE") and The Alberta Stock Exchange (the "ASE") of its present intention to purchase certain of its issued and outstanding common shares pursuant to a normal course issuer bid undertaken in accordance with the rules and by-laws of the TSE and the ASE, subject to regulatory approval. Currently, there are 127,043,413 common shares (on a pre-consolidation basis) or 12,704,341 common shares (on a post-consolidation basis) of Grey Wolf issued and outstanding. In connection with the normal course issuer bid being undertaken in relation to the common shares, Grey Wolf may purchase up to 6,352,170 common shares (on a pre-consolidation basis) or 635,217 common shares (on a post-consolidation basis) or 5% of the total number of common shares currently issued and outstanding during the period from May 25, 1999 to May 24, 2000. Grey Wolf has not purchased any common shares during the past 12 months. In the opinion of the board of directors of Grey Wolf, the market price of the common shares does not accurately reflect the value of those shares. As a result, from time to time, the common shares may become available for purchase at prices which make them an attractive investment and an appropriate use of the Corporation's funds. It is anticipated that any purchase of common shares will benefit the remaining shareholders of Grey Wolf by increasing their equity interest in the Corporation's assets. All common shares purchased by the Corporation pursuant to the normal course issuer bid will be cancelled. -------------------------------------------------------------------------------- For More Information Contact: Grey Wolf Exploration Inc. 1200, 300 - 5th Avenue S.W. Tel: (403) 262-1949 FAX: (403) 262-1969 Internet: info@greywolf.ca